Over the last two months or so I've either listened to or given about one hundred or so business pitches. Many were good. Yet, in spite of what all the formulas and advisors out there might say, there are three things that really seem to matter when raising capital: The people, the timing, and the geography. Everything else is detail -- important detail but detail none-the-less.

Last week I talked about the Canadian Venture Forum winners who had yet to receive an offer. Survivors of an elaborate vetting process, the winners were worthy of investment. None came. They had the first two elements needed for VC investment but were unable to transcend the issue of geography. By that I mean an active investment community that is actually able to do something with an opportunity.

Does anyone doubt that if these same companies were in California -- and had been screened as thoroughly -- some VCs would have jumped in? Is there an alternative for Canadian companies? Should local entrepreneurs try accessing foreign investment directly rather than spending hundred of precious hours searching for investment here that, unless there is a full-blown bubble market, seems unlikely to come?

Maybe that is the problem living in a country full of natural resources. Whenever resource stocks take off and exchange rates are volatile, investment in intellectual property drops. Are we forever cast in the menial role of hewers of wood and drawers of water?

In the interim, take comfort in knowing that your pitches do have some value. At least you are practicing your public speaking skills. That might just pay off some day when an out of town VC shows an interest in your work.